Compare & Contrast with Christopher Lewis

[expiated]

I have only one reason for selling GBPUSD, which is that I’m testing an experimental regiment for diagnosing reversals and pullbacks, and according to the new procedure, this pair’s diagnosis is a turn to the south. However, this contradicts the assessment of Christopher Lewis, which is to “add slowly on dips.”

It was only a pullback, not a reversal (or more like consolidation), so I'm starting out the week with a loss.

 

[expiated]

I agree. After falling from from September 21st to October 6th, the pair now looks like it wants to initiate a new leg to the north...

GBPJPY climbed to 150.47, as expected, but I don't think it's going to be able to hold on. EURJPY and USDJPY seem to be falling now as well.

 

[expiated]

USDCHF is starting to evidence signs of being a full-fledged reversal rather than a mere pullback (not to mention a nice little head-and-shoulders pattern). If this turns out to be true, I should be able to recoup by loss by getting in on the ground floor of a new push south.

It looks like it's taken me a day to learn how to correctly read the "lab results" coming from the new regiment I've adopted, a procedure that, interpreted in the light of more practice, indicates USDCHF has still not yet made the commitment turn south, though it's probably closer than it was 24 hours ago.

The only "problem" is, now that I'm diagnosing the symptoms correctly, I'm back to reaping profits only 5 to 15 pips at a time, but I am seeing things more clearly than I ever have before, so this IS going to be the way I trade from here on out—swing trading (and especially position trading) are simply out of the question for me.

 

[expiated]

GBPJPY climbed to 150.47, as expected, but I don't think it's going to be able to hold on.

I'm hoping it will give me approximately 20 pips of profit rather than stop me out for about the same amount of loss.

 

[expiated]

At 1.1790 my charts are finally telling me there is a good chance EURUSD is reversing the downward slope I see it as having initiated back on September 22, 2017. Since that now puts me in agreement with Christopher Lewis' forecast (a trader whom I respect), if and when I do enter a long position, I will be executing the trade with that much more confidence.

EURUSD is down to 1.1602 after its mood turned bullish again somewhere around October 18th, so anyone who listened to Lewis back on October 8th would not be in such great shape right now (from my perspective), which is part of the reason why my only use for "experts" nowadays is to compare and contrast their opinions with my own and not as a basis on which to make any decisions.

As for what I find to be the most promising setups approaching this week's open...sure, EURJPY is decidedly bearish overall, but in the past couple of days it has taken quite a tumble, so I'm inclined to be contrarian in this instance and watch for the signal to go long. (EURUSD is pretty much in the same situation right now.)

GBPJPY is bullish overall, so when it appears to be ready to turn north once again…I’m planning to go with the flow.

 

[tomorton]

I have been watching Christopher Lewis's weekly TA summaries on forex and indices etc. on FXEmpire.com for a couple of years. They're very quick (around 1 minute each, nice) and just as a confirmation of my own trend TA very helpful.

 

[expiated]

GBPJPY is bullish overall, so when it appears to be ready to turn north once again…I’m planning to go with the flow.

GBPJPY hit 150.39 today. Personally, I'm not looking for anything more out of this pair and think it makes sense to lock in profits right here (currently at 150.23).

My forecast from Sunday:

 

[expiated]

GBPJPY hit 150.39 today. Personally, I'm not looking for anything more out of this pair and think it makes sense to lock in profits right here (currently at 150.23).

Well then, too bad, because the pair has climbed all the way up to 151.04.

 

[expiated]

GBPJPY is bullish overall, so when it appears to be ready to turn north once again…I’m planning to go with the flow.

Déjà Vu All Over Again!

 

[expiated]

I agree with Franco Shao, but not for the same reasons (since I don't use candlestick patterns). I see the pair as having climbed above a major bearish trend line, and at 132.86, it might be hinting ever so subtly that this is where it wants to turn south.